Measures for company subsidy in 2020 helped HoReCa companies cope with unprecedented challenges but did not solve problems of vulnerable companies. HoReCa sector was the most affected recording a drop of 77% profit reduction, said Alina Popa, Coface commercial manager at a specialized conference. “In 2020, measures meant to save companies helped them get over a year with unprecedented challenges, but did not solve problems of vulnerable companies, but just helped them gain time. Companies have debts, have a reduced capacity, commercial credit went up and we must bear in mind that 2021 support measures were 10-11 times smaller than in 2020 and gradually they will be withdrawn,” said Alina Popa. She added that an increase of the average invoice payment term to suppliers took place and reached 117 days in 2020, which is double the term of ten years ago when it was 60 days. “All these vulnerabilities are higher when companies are smaller and have a lower negotiation power. Small companies are more affected than what this global image shows,” Popa added. The Coface official pointed out that if we look at sectors in which those companies carry out their activities we see less affected sectors like constructions, where debt increase is accompanied by a business figure increase, but we also see sectors with higher debts and lower business figure, like transports, HoReCa, extraction industry and and recreation activity area. “Practically, HoReCa sector was most affected in 2020. It recorded an income contraction of 39% and a 77% profit drop,” Popa pointed out. She participated in the conference “IMM Prepare to get out of crisis”, second edition , organized by the inline publication Profit.ro, next to Team Innovation Media.
Pulitzer Prize winner Junot Díaz, Tracy Chevalier, the author of the international best seller Girl with a Pearl Earring, and French author Michel Bussi, known for his widely translated thriller novels, are among the authors set to attend this year’s Iași International Literature and Translation Festival (FILIT), the largest literary festival in the country. They […]
Bucharest is about to welcome a culinary moment like no other. This September, the JW Marriott Bucharest Grand Hotel will host Michelin-starred Chef Theodor Falser - a name synonymous with nature-inspired haute cuisine - for three exclusive evenings that promise to delight the senses and tell stories through food. The Chef Who Cooks Nature Theodor […]
The International Monetary Fund (IMF) has endorsed Romania’s latest fiscal measures, forecasting that the economy will grow by 1% in 2025 and 1.4% in 2026, the government said Friday, September 12, after talks with a visiting IMF delegation. The delegation, led by Joong Shik Kang, met prime minister Ilie Bolojan in Bucharest to discuss the […]
The George Ciprian Theater in Buzău has unveiled “E-Waste E-Motion,” the first performance in Romania in which all characters are played by small autonomous robots, blending art, technology, and sustainability in an experimental theatrical project. “E-Waste E-Motion” is part of a broader artistic research initiative supported by the National University of Theatre and Film (UNATC) […]
With extensive experience in the luxury hospitality sector, gained as General Manager of Sofitel Legend The Grand Amsterdam and Hotel Okura Amsterdam (LHW), as well as in various Director of Operations and Business Development roles, Ms. Emmy Stoel is a seasoned professional whose career reflects a deep passion for excellence in guest service, having successfully […]
Update: The woman made her first statements on Friday afternoon after being questioned. According to Digi24, she told journalists outside a police station in Bucharest that the items were family heirlooms from the Soviet era, and that she...
